New Zealand Gazette – 2000 – No. 162

Page 4191

✨ Financial Statements



4 DECEMBER
NEW ZEALAND GAZETTE
4191

TRANSPower NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2000

(d) Current Assets

Receivables are stated at their estimated net realisable value.

Short term investments are recorded at their original cost which is adjusted for
the amortisation of premiums and accrual of discounts to maturity.

Stocks of materials are valued at the lower of cost, calculated on the weighted
average cost basis, or estimated net realisable value.

(e) Investments

Investments in subsidiaries are recorded at net tangible asset value. Other
investments are recorded at the lower of cost or net realisable value.

(f) Fixed Assets

Modified Historical Cost Measurement

Fixed assets are recorded at the most recent valuation, adjusted by subsequent
additions, disposals and depreciation. Valuations are carried out each year by, or
under the guidance of, independent experts using the optimised deprival valuation
(ODV) methodology.

Under modified historical cost, an asset revaluation, which reflects the
difference between the net carrying value of the assets and the ODV value, is
recorded in the asset revaluation reserve. The net carrying value is determined
after writing any accumulated depreciation or infrastructure asset service potential
adjustment back against the asset value.

Upon the disposal or write-off of a non-infrastructure asset the revaluation increment or
decrement relevant to that asset is transferred from the revaluation reserve to retained
earnings.

The physical disposal or write off of individual component assets that form the
infrastructure asset is only recognised in the financial statements where the operating
capability of the infrastructure asset has decreased.

Capital Work in Progress

Capital work in progress is recorded at cost. Cost is determined by including all
costs directly associated with bringing the fixed assets to their location and
condition. Finance costs incurred during the period of time that is required to
complete and prepare the fixed asset for its intended use are capitalised as part
of the total cost for capital work in progress.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 162


Gazette.govt.nz — PDF NZ Gazette 2000, No 162




✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Statement of Cashflows (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Transpower, 2000